[ INDUSTRY NEWS ]
Kitwave Group to float on AIM Kitwave Group plans to join AIM, the junior market of the London Stock Exchange, on 24 May, in a move that will value the company at £105 million. Founded in 1987 following the acquisition of a single-site confectionery wholesale business in Tyne and Wear, Kitwave today has a network of 26 depots and offers a range of around 33,000 mainly impulse lines to 38,000 customers throughout the UK. By floating on AIM (Alternative Investment Market), the delivered wholesaler will raise £64 million through the placing of new shares at 150p each. Existing shareholders will sell stock worth £17.6 million. “We are delighted with
CEO Paul Young (right) and chief finance officer David Brind.
the strong support shown by our new investors, which we view as a highly positive endorsement of Kitwave’s strategy to grow,” said chief executive officer Paul Young. “To date, we have executed a highly successful buy-andbuild strategy, having acquired and integrated 10
wholesale distributors into the group since 2011, and we are confident that trading on AIM will enable us to continue to support this strategy. “Furthermore, the directors believe that admission [to AIM] will enhance the profile of the group and its brands, improve Kitwave’s position
with key suppliers, strengthen the group’s balance sheet, and provide the group with greater ability to incentivise and retain key employees going forward.” Kitwave has around 1,100 employees. On admission to AIM, the directors and senior management of the company will own around 22.3% of the ordinary shares. In the 12 months to 30 April 2020, the company’s revenue was £399 million. It posted adjusted earnings before interest, tax, depreciation and amortisation of £17.5 million. The company plans to use the proceeds of the placing to reduce its existing debt, as well as fuel its growth strategy. a Kitwave 0191-259 2277
Four years in a row Costcutter to Parfetts Failté Group has retained its AA grade BRC Global Standard accreditation for the fourth year in a row. CEO Jim Cummiskey commented: “The ability to pass such a rigorous audit for another year is a credit to Failté’s staff and the systems and working methods we have in place. “BRC is beneficial for Failté customers as it
demonstrates our commitment to deliver best practices in operating standards and proves that we maintain the highest control of quality and safety across the entire operation.” The BRC Global Standard for Storage and Distribution has been achieved by about 2,200 sites in 54 countries. a Failté Group 0141-548 6170
CEO Jim Cummiskey: ‘BRC is beneficial for Failté customers.’
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May 2021
www.cashandcarrymanagement.co.uk
Parfetts has recruited Antony Downing (pictured) to the new role of store development manager. He joins the wholesaler from Costcutter, where he supported retailers as the retail design manager. In total, he spent more than 33 years with Costcutter, and his expertise spans merchandising, store planning and retail design. At Parfetts, he will lead the development of new store formats for Go Local as
the fascia group aims to reach 1,000 retailers in the next two years. Commenting on his appointment, Guy Swindell, retail director at Parfetts, said: “Antony brings a huge amount of experience to this new role. We continue to invest in and evolve our Go Local fascia with new talented people that are dedicated to supporting retailers, along with new technology and services such as our innovative GOLD delivery service.” Downing added: “Parfetts and Go Local have built an enviable reputation in recent years and their focus on supporting retailers is second to none. I look forward to working closely with our retailers to optimise their store performance and help take their businesses to the next level.” a Parfetts 0161-429 0429
